The domestic food preparation appliances market is set for significant growth, with projections indicating a rise from USD 601,532 million in 2020 to USD 963,451 million by 2026, registering a robust CAGR of 6.1% over the forecast period. This growth is attributed to stringent energy efficiency requirements, the easy availability of kitchen appliances on e-commerce platforms, rising demand for home automation, and the continuous introduction of smart cooking products.
As consumers worldwide strive for a more convenient lifestyle, the demand for domestic food preparation appliances is on the rise. Innovations and product launches, coupled with a preference for modular kitchen products, are driving this demand. The market’s focus on utility and simplicity remains crucial for vendors in the global home food preparation appliances market.
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Key Market Drivers:
- Energy Efficiency and Eco-friendly Preferences: Stricter energy efficiency requirements in various regions are driving the sales of domestic food preparation appliances. Consumers are increasingly inclined towards eco-friendly and energy-efficient appliances, boosting market growth.
- Rise of Home Automation and Smart Cooking: The ongoing trend of home automation and the introduction of smart cooking products are significantly contributing to the market’s expansion. IoT-enabled appliances are becoming more popular, supported by the continuous expansion of high-speed internet networks and the rising popularity of modular kitchens.
- Health and Convenience: The rising frequency of bone-related illnesses and the influence of cooking shows are encouraging consumers to invest in domestic food preparation appliances. The desire for a better and more convenient lifestyle is further fueling market demand.
Regional Insights:
North America: The North American market is mature and homogeneous, with high product penetration. Product replacement drives the market, supported by government programs for energy-efficient appliances. The region’s demand for domestic food preparation appliances is expected to grow steadily.
Europe: The European market is experiencing growth due to low loan rates and a favorable economic climate. Technological advancements and consumer preferences for smart appliances are expected to boost market growth in the region.
Middle East and Africa: The domestic food preparation appliances market in the Middle East and Africa is predicted to grow at the fastest rate, with a CAGR of over 10% from 2021 to 2028. Shifting consumer buying habits and rising urbanization are key factors driving this growth.
Asia Pacific: Increased consumer spending power, changing lifestyles, and early adoption of novel technology are driving the market in the Asia Pacific region. Larger companies are expanding their businesses in this region, contributing to market growth.
Market Competition: Key players in the market include Bajaj Electricals Ltd., Koninklijke Philips N.V., Groupe SEB, Sunbeam Mexicana S.A. de CV, Kenwood Ltd., Joyoung Co Ltd., De’Longhi UK Ltd., Whirlpool Corp., and Breville Group Ltd. These companies are focusing on developing smart appliances with the latest technology and features, such as touch screen doors, Wi-Fi connectivity, voice control support, self-cleaning, and smartphone app-based capabilities.
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Recent Developments:
- LG announced the debut of InstaView door-in-door refrigerators in October 2018, enhancing energy efficiency by making the refrigerator door transparent.
- Bosch launched its Series 4 double-door refrigerator line in January 2018, marking its entry into the double-door refrigerator market.
Key Segments
By Product:
- Refrigerator
- Air Conditioner
- Heater
- Washing Machines
- Cooktop
By Distribution Channel:
- Specialty Stores
- E-Commerce
- Supermarket & Hypermarket
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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